Bolt Projects Holdings Reports 60% Revenue Decline and $65.4 Million Net Loss for Fiscal Year 2024

Bolt Projects Holdings, Inc., formerly known as Golden Arrow Merger Corp., reported a significant decline in financial performance for the fiscal year ending December 31, 2024. The company generated revenue of $1.4 million, a decrease of 60% from $3.4 million in 2023. This decline was primarily attributed to reduced sales of its Vegan Silk Technology Platform products, particularly b-silk, as a key customer did not make any purchases in 2024 after substantial orders in the previous year. The company's accumulated deficit has now reached $461.8 million, reflecting ongoing challenges in achieving profitability.

Operating expenses increased by 25% to $41.5 million in 2024, compared to $33.2 million in 2023. This rise was driven by a 130% increase in sales and marketing expenses, largely due to stock-based compensation related to the completion of the merger with Bolt Threads. General and administrative expenses also rose by 77%, primarily due to increased stock-based compensation and costs associated with operating as a public company. The company reported a net loss of $65.4 million for 2024, compared to a net loss of $57.7 million in 2023.

Strategically, Bolt has shifted its focus entirely to its Vegan Silk Technology Platform, discontinuing the development of other product candidates, including Mylo, a leather alternative. This decision aims to streamline operations and enhance the commercialization of its core products. The company has also entered into a three-year supply agreement with a new customer, which includes minimum order quantities, potentially stabilizing future revenue streams.

Operationally, Bolt continues to rely on a single manufacturing partner, Laurus Bio, for its production needs. The company is in the process of diversifying its manufacturing network to mitigate risks associated with this reliance. As of December 31, 2024, Bolt had 13 full-time employees and reported a significant concentration of revenue, with one customer accounting for approximately 88% of total sales. This dependency raises concerns about revenue stability and the potential impact of losing major customers.

Looking ahead, Bolt Projects Holdings faces substantial challenges, including the need for additional capital to support its operations and product development. The company has indicated that its current cash and cash equivalents are insufficient to fund operations for the next twelve months, raising doubts about its ability to continue as a going concern. The management plans to seek funding through equity offerings and debt financing, but the success of these efforts remains uncertain. Additionally, the company is under scrutiny from Nasdaq for failing to meet minimum listing requirements, which could further complicate its financial outlook.